PEN Photon Energy Group Continues Strong Growth in Third Quarter 2022 on the Back of Record Revenues from Electricity Sales

The management board of Photon Energy N.V. announces that its 91.9 MWp proprietary portfolio of PV power plants generated a robust production volume of 37.0 GWh of electricity in the third quarter of 2022, representing a 6.6% YOY increase. Current electricity market prices have led to electricity sales revenues of EUR 15.073 million, representing a 129.6% YOY increase over electricity revenues of EUR 6.566 million in the third quarter of 2021. These revenues generated in Q3 2022 stand 37.5% above the record revenues of EUR 10.963 million reported in Q2 2022, a record quarter for the Photon Energy Group.
Year-to-date, the Company reports 103.0 GWh of electricity produced compared to 82.3 GWh one year ago (up 25.2% YOY), on par with 2021 full year production. With 83% of the Company’s IPP (independent power producer) portfolio selling electricity directly to the grid at market prices, the Company has already achieved revenues of EUR 30.794 million in the first nine months of 2022, compared to EUR 19.402 million for the full year of 2021 (up 58.7% compared to full-year 2021 electricity revenues). The Company recently announced that it had secured a EUR 28.1 million long-term refinancing for its Czech portfolio with UniCredit Bank Czech Republic and Slovakia a.s., making significant liquidity available to further expand the Company’s portfolio after the repayment of its EUR Bond 2017/2022. The Company’s proprietary portfolio of PV power plants has a total capacity of 91.9 MWp. An additional seven new PV projects are currently under construction in Romania, with a total capacity of 28.3 MWp. The Company intends to connect these plants to the grid before the end of the year. Including these Romanian projects, the Company has a total development pipeline of 892 MWp in its key CEE markets (Romania, Hungary and Poland) and Australia.